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One Tweet Cost Twitter $8 Billion

posted by CoolHand on Thursday April 30 2015, @06:58AM   Printer-friendly
from the at-least-someone-tweets-something-that-matters dept.

GlennC writes:

Twitter was due to announce its earnings for the first quarter of the year after close of trading on the New York Stock Exchange, where the company is listed.

Except it turns out that somebody thought it would be a good idea to release this information early, on the technology-led NASDAQ run Investor Relations page for Twitter.

Initially it seemed no one really noticed the error, until a well-placed tweet highlighted the mistake and revealed Twitter's disappointing results.

http://www.bbc.com/news/technology-32511932

At one point in the final hours of trading, the stock had lost more than $8 BILLION.

 
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  • (Score: 0) by Anonymous Coward on Thursday April 30 2015, @12:18PM

    by Anonymous Coward on Thursday April 30 2015, @12:18PM (#177048)

    > The stock has all been sold, (except a tiny amount of treasury stock).

    That would be false.

    Companies can and do issue new stock all the time. The exercise of employee stock options, as well as warrants [wikipedia.org] are two common cases. When employees find their options are significantly underwater the company has two choices - reprice them, or face the increased risk of employee defection. In silicon valley where job hopping is supreme, especially among the most talented, that could be devastating to a company.